Gold prices recover marginally on seasonal offtake

Snapping a two-session downtrend, gold prices witnessed a modest rebound at the domestic bullion market here today due to good buying support from jewellery traders as well as wedding season demand.
The yellow-metal had plummeted to nearly two-month low yesterday following heavy stockists unwinding.
Silver also edged up on the back of stray industrial buying.
Standard gold (99.5 purity) moved up by Rs 30 to end at Rs 26,580 per 10 grams from Friday's level of Rs 26,550.
Pure gold (99.9 purity) also gained by a similar margin to settle at Rs 26,730 per 10 grams against Rs 26,700.
Silver (.999 fineness) added by Rs 10 to finish at Rs 37,600 per kg as compared to Rs 37,590 yesterday.

On the global front, the shiny metal tumbled to its lowest level in nearly three months after the robust US non-farm payrolls data once again raised speculation that the Federal Reserve could raise interest rates sooner than expected.
Gold for August delivery slumped to USD 1168.10 an ounce on the Comex division of the NYMEX late yesterday, while silver sliped to USD 15.984 an ounce.